Texas tax revenues expected to top $100B for upcoming biennium

Texas Comptroller Susan Combs is projecting the state to have $101.4 billion available for general purpose spending during the 2014-2015 biennium.

“Texas experienced a very strong rebound from a severe recession,” Combs said in a statement. “The state’s robust economic recovery led to better-than-expected revenue collections in major taxes such as the sales tax, oil and natural gas production taxes and motor vehicle sales taxes. The outlook for both the economy and state revenue is for continuing expansion as the fast growth of the economic recovery gives way to moderate, sustained growth.”

The state is expecting to collect $96.2 billion from taxes, fees and other income for the biennium, of which $3.6 billion would be set aside for the Rainy Day Fund. The fund transfer into the Rainy Day Fund leaves state lawmakers with $92.6 billion in general revenue. However, a projected ending balance of $8.8 billion from the current biennium will give the Texas Legislature $101.4 billion in general-purpose spending.